Sri Lankan shares extend losses as industrials drag

Sri Lankan shares closed lower on Wednesday, dragged by industrial stocks.

The CSE All Share index fell 0.37% to 9,091.72, marking eight straight sessions of losses.

Sri Lanka is trying to reduce its overall debt by $17 billion through restructuring, its president told the parliament on Wednesday as he sought support of opposition parties for a nearly $3 billion International Monetary Fund (IMF) programme.

President Ranil Wickremesinghe also said the country would discuss debt restructuring with India and the Paris Club of creditors on one platform and with China separately.

Expolanka Holdings and C T Holdings Plc were the top decliners on the CSE All Share index, down 0.94% and 7.2%, respectively.

Sri Lankan shares end lower as financials, communication services weigh

Trading volume for the CSE All Share index fell to 34.1 million shares from 61.3 million in the previous session.

The equity market’s turnover fell to 740.5 million Sri Lankan rupees ($2.31 million) from 1.14 billion rupees in the previous session, according to exchange data.

Foreign investors were net buyers in the equity market, purchasing stocks worth 144.4 million rupees, while domestic investors were net sellers, offloading shares worth 697.1 million rupees, the data showed.